IU Bigger than range strategy

DESCRIPTION
IU Bigger Than Range Strategy is designed to capture breakout opportunities by identifying candles that are significantly larger than the previous range. It dynamically calculates the high and low of the last N candles and enters trades when the current candle's range exceeds the previous range. The strategy includes multiple stop-loss methods (Previous High/Low, ATR, Swing High/Low) and automatically manages take-profit and stop-loss levels based on user-defined risk-to-reward ratios. This versatile strategy is optimized for higher timeframes and assets like BTC but can be fine-tuned for different instruments and intervals.

USER INPUTS:
Look back Length: Number of candles to calculate the high-low range. Default is 22.

Risk to Reward: Sets the target reward relative to the stop-loss distance. Default is 3.

Stop Loss Method: Choose between:(Default is "Previous High/Low")
- Previous High/Low
- ATR (Average True Range)
- Swing High/Low

ATR Length: Defines the length for ATR calculation (only applicable when ATR is selected as the stop-loss method) (Default is 14).

ATR Factor: Multiplier applied to the ATR to determine stop-loss distance(Default is 2).

Swing High/Low Length: Specifies the length for identifying swing points (only applicable when Swing High/Low is selected as the stop-loss method).(Default is 2)

LONG CONDITION:
The current candle’s range (absolute difference between open and close) is greater than the previous range.
The closing price is higher than the opening price (bullish candle).

SHORT CONDITIONS:
The current candle’s range exceeds the previous range.
The closing price is lower than the opening price (bearish candle).

LONG EXIT:
Stop-loss:
- Previous Low
- ATR-based trailing stop
- Recent Swing Low

Take-profit:
- Defined by the Risk-to-Reward ratio (default 3x the stop-loss distance).

SHORT EXIT:
Stop-loss:
- Previous High
- ATR-based trailing stop
- Recent Swing High

Take-profit:
- Defined by the Risk-to-Reward ratio (default 3x the stop-loss distance).

ALERTS:
Long Entry Triggered
Short Entry Triggered

WHY IT IS UNIQUE:
This strategy dynamically adapts to different market conditions by identifying candles that exceed the previous range, ensuring that it only enters trades during strong breakout scenarios.
Multiple stop-loss methods provide flexibility for different trading styles and risk profiles.
The visual representation of stop-loss and take-profit levels with color-coded plots improves trade monitoring and decision-making.

HOW USERS CAN BENEFIT FROM IT:
Ideal for breakout traders looking to capitalize on momentum-driven price moves.
Provides flexibility to customize stop-loss methods and fine-tune risk management parameters.
Helps minimize drawdowns with a strong risk-to-reward framework while maximizing profit potential.